Transcript for Episode 27- Research free trade agreements

If you’re looking to export a product or service, you’ll need to know the terms and conditions for doing so.

A trade agreement is a legal document that sets out any rules that cover trade between 2 or more countries.

A free trade agreement, or FTA, allows trading to be less restricted. It can make markets more accessible, help to cut costs and make exporting more profitable.

But it doesn’t mean the end of border checks.

Different countries will still have different rules and standards for imports.

But if the general conditions for trading with a country look right, an FTA could make a market an even stronger contender for your business.

Different agreements are in place for different products and services. So it’s important to look at terms specifically affecting your sector.

See which could benefit your business, or how you could adapt your business strategy to make the most of FTAs.

When choosing a market to export to, it’s worth including FTAs among the factors you’ll look at. Such as ease of doing business, freight costs, and customer demand.

A starting point for research is checking which markets have signed trade deals with the UK or are in consultation to do so.

You can find these details on GOV.UK

Also, speak with your local international trade adviser.

Or seek advice from the DIT officials in embassies, consulates and high commissions.

And finally, you can get advice from a lawyer tailored to your business needs.